The retail industry is one of the most consistently evolving industries. For example, the invention of the internet brought along with it the concept of online buying, which eventually evolved into e-commerce. Due to the high probability that retailers will continue to innovate, it is important that offices of finance within the retail industry are flexible and able to adapt to these changes.
In order to achieve this flexibility, the Office of Finance needs to move away from the outdated financial close tools that they may still be using: spreadsheets, binders, and manual processes. Transitioning from these ineffective methods to an automated close solution enables retail organizations to overcome their biggest challenges:
- Time-consuming data entry
- Manually handling high transaction volumes
- Inability to scale and streamline financial processes
How Adra® Solves Key Challenges For The Retail Industry
1. Streamline Mass Data Acquisition
Within a traditional manual close process, accountants find themselves burdened by data entry duties. This is especially true for retail organizations, which face high transaction volumes of varied types.
2. Focus On Exceptions While Managing Volume
Typically, the Office of Finance has handled transaction matching within spreadsheets or with a highlighter in hand. But retail organizations deal with a high volume of transactions, especially with the rise in 3rd-party payment systems.
3. Long-Term Business Continuity
As your organization grows, the number of tasks your Office of Finance has to handle expands as well. Instead of increasing your accounting team headcount to support organizational growth, your team can rely on Adra’s financial close solutions.
Discover how Adra® by Trintech helps retail accountants streamline their processes in order to prepare for the next innovation that will inevitably impact their organization.Download File